Spot bid

A Spot Bid in procurement refers to a real-time bidding process where organizations invite suppliers to submit immediate quotes for goods or services. This agile and dynamic procurement method allows businesses to swiftly respond to specific and unplanned needs. Spot bidding provides an opportunity for suppliers to competitively offer their products or services on short notice, fostering quick decision-making and efficient procurement.

Learn more about Ivalua's Spend Analysis Solutions.